Online crafts specialist acquires US firm following $22m fundraise
A London-based online crafts specialist has expanded its international reach with a new acquisition after closing a multi-million dollar funding round.
LoveCrafts has announced it has acquired WEBS - America’s Yarn Store after securing $22m investment.
The latest funding round saw participation from Scottish Equity Partners (SEP), Highland Europe and Balderton Capital, alongside Silicon Valley-based debt provider TriplePoint Capital.
LoveCrafts, which specialises in craft products such as yarn, needles and craft kits, saw an increase in orders from new customers of 166 per cent from March to November compared with 2019.
The acquisition of Massachusetts-based WEBS will strengthen LoveCrafts Group’s ambition of becoming the market leader in North America for needlecraft.
As well as supporting the acquisition, the investment will also enable the firm to expand into new craft categories and global markets.
Sir Peter Bazalgette, chair of the board of LoveCrafts, commented: “The integration of WEBS into LoveCrafts is another key landmark for our business as we focus on reinventing traditional crafts for a digital age and becoming the end-to-end destination for crafting enthusiasts across the globe.”
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